Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RAIFFEISEN BANK INTERNATIONA. We currently have 6 research reports from 1 professional analysts.
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RAIFFEISEN BANK INTERNATIONA
RAIFFEISEN BANK INTERNATIONA
Increased 2016 profit as expected, strong CET1 improvement
09 Feb 17
RBI released some preliminary figures for FY2016. Pre-tax profit increased by 25% to €886m for FY2016 compared to FY2015. Net interest income declined by 12% to €2.9bn in 2016 compared to 2015. Risk provisions were down by 40% to €754m for 2016. Commission income decreased by 1% to €1.5bn. The trading result was a profit of €215m for 2016 compared to €16m for 2015. Administrative expenses declined by 2% to €2.85bn for 2016. Net profit after tax and minority interests rose by 22% to €463m for 2016 versus 2015. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was 13.5% at the end of 2016 compared to 11.5% at the end of 2015. The CET1 ratio (fully loaded) was 12.3% at 30 September 2016. The increase in Q4 16 was primarily due to the closing of the sale of the Polish leasing business (c.30bp), a reduction in other risk-weighted assets (c.15bp), foreign exchange movements (c.20bp positive effect on fully-loaded CET1 capital), Q4 16 profit after tax of around €99m (c.17bp) and recognition of Q3 16 profit after tax of €213m in the year-end capital ratios (c.35bp). Q3 16 profit was not yet recognised in the 30 September 2016 capital ratios due to regulatory requirements. The final and full set of figures are due to be published along with the 2016 financial report on 15 March 2017.
Good Q3 results clearly above consensus expectations
16 Nov 16
Pre-tax profit increased by 88% to €296m for Q3 16 compared to the originally released pre-tax profit for Q3 15 and was up by 17% versus the restated Q3 15 figure. RBI restated a full goodwill impairment of €96m on the Polish subsidiary from Q3 to Q4 15. Net interest income declined by 10% to €732m in Q3 16, while risk provisions were down by 48% to €100m. Commission income decreased by 2% to €378m for Q3 16. The trading result was a profit of €52m for Q3 16 compared to a loss of €14m for Q3 15. The net result from financial investments was a loss of €6m for Q3 16 versus a profit of €7m in Q3 15. Income from derivatives and liabilities was a loss of €71m in Q3 16 compared to a profit of €20m in Q3 15 which includes valuations for credit spreads on own liabilities. Administrative expenses were down by 4% to €687m for Q3 16. The tax ratio rose from 21% for Q3 15 to 28% for Q3 16. Profit after tax and minority interests was €184m for Q3 16 compared to €90m for Q3 15 and €184m for the restated Q3 15 figures. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was 12.3% at the end of September 2016 compared to 11.5% at the end of 2015.
Merger with RZB agreed
06 Oct 16
The management and supervisory boards of Raiffeisen Zentralbank Österreich AG (RZB) and Raiffeisen Bank International AG (RBI) have passed in principle a resolution to merge RZB and RBI. RZB would be merged into RBI. The merged company will continue to be listed on the stock exchange. An Extraordinary General Meeting of RBI which is to vote on the merger, requiring a 75% majority of the share capital present, is planned for 24 January 2017. The common equity tier 1 ratio (fully loaded) of the merged entity, based on the pro forma calculations, would be 11.3% at 30 June 2016. Management expects the RBI free float percentage to decrease between 34.6% and 35.7% from currently 39.2% following execution of the transaction based on the valuation of both companies. The financial targets of RBI are to remain effective and unchanged and will also apply to the merged institution following the merger transaction: a CET1 ratio (fully loaded) of at least 12% and a total capital ratio (fully loaded) of at least 16% are targeted by the end of 2017. A return on equity before tax of c.14% and a consolidated return on equity of c.11% are aimed at in the medium term. A further objective is to achieve a cost/income ratio of between 50% and 55% in the medium term.
Good Q1 figures and consolidation of RZB and RBI under evaluation
11 May 16
Pre-tax profit increased by 20% to €229m for Q1 16 versus Q1 15. Net interest income declined by 12.5% to €718m in Q1 16, while risk provisions were down by 60% to €106m. Commission income decreased by 4% to €347m for Q1 16. The trading result was a profit of €28m for Q1 16 compared to a loss of €62m for Q1 15. The net result from financial investments declined by 59% to €26m for Q1 16. Income from derivatives and liabilities was a loss of €27m in Q1 16 compared to a profit of €20m in Q1 15 which includes valuations for credit spreads on own liabilities. Administrative expenses were up by 4% to €718m for Q1 16. The tax ratio declined from 47% for Q1 15 to 40% for Q1 16. Profit after tax and minority interests rose by 37% to €114m for Q1 16 versus Q1 15. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was unchanged 11.5% at the end of March 2016. The Boards of Raiffeisen Zentralbank Österreich AG (RZB) and Raiffeisen Bank International AG (RBI) have decided to examine a potential consolidation of RZB and RBI. The objectives of a consolidation of the businesses would be simplification of the corporate structure and adapting the group more closely to increased regulatory requirements. No resolutions with respect to implementation have been passed by the respective management bodies. A possible consolidation of RZB and RBI would not affect RBI’s stock exchange listing.
Higher 2015 profit as expected due to cost switch, weakness of guidance from management
02 Feb 16
RBI released some preliminary figures for FY2015. Pre-tax profit increased from a restated loss of €105m for FY2014 to a profit of €696m for FY2015. Net interest income declined by 12% to €3.33bn in 2015 compared to 2014. Risk provisions were down by 26% to €1.27bn for 2015. Commission income decreased by 4% to €1.52bn. The trading result was a profit of €16m for 2015 compared to a loss of €30m for 2014. Administrative expenses declined by 4% to €2.91bn for 2015. The result after tax and minority interests was a profit of €383m for 2015 versus a restated loss of €617m for 2014. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was 11.5% at the end of 2015 compared to 10.0% at the end of 2014. The final and full set of figures will be published as announced with the 2015 financial report on 16 March 2016.
Weak Q3 results due to one-offs, more restructuring costs incurred after 2015
12 Nov 15
Pre-tax profit was €157m for Q3 15 compared to a loss of €16m for Q3 14 and decreased by 44% versus Q2 15. Net interest income declined by 14% to €813m in Q3 15 compared to Q3 14 while risk provisions were down by 73% to €191m. Commission income decreased by 5% to €384m for Q3 15. The trading result was a loss of €14m for Q3 15 compared to a profit of €30m for Q3 14. The net result from financial investments was €7m compared to €23m in Q3 14. Income from derivatives and liabilities was a profit of €20m in Q3 15 compared to €103m for Q3 14 which includes valuations for credit spreads on own liabilities. Other net operating result was a loss of €159m for Q3 15 compared to a loss of €225m in Q3 14. Administrative expenses were down by 8% to €713m for Q3 15. The tax ratio was 33% for Q3 15. Profit after tax and minority interests was €90m for Q3 15 versus a loss of €119m for Q3 14. The common equity ratio 1 regarding Basel 3 fully phased-in was 10.8% at the end of September 2015.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.